AML/CFT February Newsletter
In this Newsletter:
- Preparation suggestions for your next Audit
- AML Summit 2019 update
- In the news
- Training – In-house
- Training – Open courses
1. 2019 Audits
Recently, we provided thoughts on some of the things you should consider when undertaking preparation for your next audit.
Although we have seen many reporting entities implement increasingly effective AML/CFT measures in certain areas, our audit team continue to see areas where improvement is required.
Here are a few suggestions we recommend focusing on, as a starting point, prior to your next audit:
- Creation/maintenance of a centralised CDD exceptions register – this provides external auditors and supervisors with evidence that exceptions are being tracked, monitored and approved by the AML/CFT Compliance Officer and, importantly, that appropriate oversight is in place.
- Ensuring sufficient narration against transaction monitoring – our reviews frequently identified that insufficient commentary was obtained as to why an alert was/was not considered unusual/suspicious.
- Ensure your AML/CFT Risk Assessment is appropriately updated and maintained in line with the requirements of the Act. To that end, we strongly recommend reviewing the AML/CFT Risk Assessment Guideline issued by the AML/CFT Supervisors in May 2018.
- Ensure regular and appropriate training is provided to staff in response to updates to AML/CFT documents, supervisory guidance, etc.
Most importantly, we recommend using your audit as a learning opportunity and encourage you to ask your auditor as many questions as needed. A good auditor will provide you with feedback not only on effective compliance, but also on how to achieve this in a more efficient manner.
2. AML SUMMIT 2019 – Auckland Conference update
On Tuesday 26 March, AML Solutions is hosting the AML SUMMIT conference at SKYCITY, Auckland. We have a great line up of presenters scheduled to speak.
As well as our Keynote Speaker – Will Fitzgibbon from ICIJ, we are excited to hear from the Supervisors – DIA, FMA and RBNZ, as well as the NZ Police, Mae Newey from the Ministry of Justice, Tijana Misur and Genelle David from AML Solutions, Claire Piper from Fiducia and Fiona Hall from Fiona Hall Law.
We will also be hearing from various Phase 2 entities who will enlighten us on the challenges of implementing their AML/CFT compliance programmes.
For more information and to register for a ticket – click here
3. In the News
New Zealand has one of the least corrupt public sectors in the world
New Zealand has again been ranked as having one of the least corrupt public sectors and judiciaries in the World.
The Corruption Perceptions Index (TI-CPI) released 29 January 2019 by Berlin based Transparency International has New Zealand dropping its score to come second after Denmark, whose overall score stayed the same.
Fortnite Craze assists money launderers!
Fortnite‘s V-Bucks, the virtual currency used in the massively popular Battle Royale shooter to purchase outfits, weapons, and other items, are apparently also being used by criminals for money laundering schemes.
Criminals are buying V-Bucks from the official Fortnite store using stolen credit card information. The V-Bucks are then sold in online black markets at discounted rates to “clean” the money, according to an investigation by The Independent and research by cybersecurity firm Sixgill.
Analyst suggests $23m of crypto stolen from Chch firm Cryptopia
As much as $23 million worth of crytocurrency may have been stolen in a recent hack of Christchurch-based Cryptopia, according to an analysis from New York-based blockchain infrastructure firm Elementus.
Police were advised last week of an issue involving potential unauthorised transaction activity after Cryptopia announced it had suffered a security breach which resulted in significant losses.
4. March and April Compliance Officer and Customer Due Diligence training dates below:
Our open training courses fill up quickly, ensure you register early to ensure you don’t miss out! Certificates will be issued on attendance for your training records.
We have limited spaces available so make sure you book in as soon as possible.
Dates of upcoming AML/CFT Training Courses:
Wellington – 06 March
Christchurch – 20 March
Auckland – 01 April
Customer Due Diligence
Wellington – 26 February
Christchurch – 03 April
Auckland – 30 April
5. Training – In-house
If you would prefer more tailored training, we can provide AML training at all levels to your team at your place of work.
Whether you are interested in a refresher course or an intensive workshop, we can deliver customised workshops tailored to your particular needs and industry.
Our eLearning platform allows those training in AML/CFT to study from the comfort of their own home or office, with the luxury of completing course material in their own time. We currently have five open modules available. The open modules have been developed and designed by AML Solutions and covers the New Zealand AML/CFT legislation and Supervisor guidance.
We have two online training courses available tailored specifically for Lawyers and Accountants. Please head to our website for more information.